Go to the following website http://halfdone.com/ ..
and download the unknown devices file.(UKD). Unzip it and then run it, this will tell you the name of the device that you are looking for, if it doesn't

Could you please elaborate on reinstalling the network controller? Do you mean I delete this device and let the laptop recognize the hw again? and if yes, does the wireless driver I downloaded, the correct sw for this device?

Try the above by uninstalling the device from the device manager and then using a refresh it will prompt for the installation.
If that will not work, Make sure that there is no switch turned off for the wireless,
Update the bios using the lenovo system update tool

Sometimes the adapter used in the same PC model is not the same. Most laptops use a mini PCI card as wireless adapter which is accessible via a small cover you can remove from the bottom of the PC. If you can get a close look at the adapter that way, you might be able to find out which adapter is used, and then get the proper drivers for it.

Also, most wireless adapters are dependent on the other drivers being properly loaded too, particularly the chipset drivers are important, so make sure you get the newest versions of those and install them. A 3rd. point is that wireless adapters built into laptops also are turned off or on by either a small button or switch on the Laptop's case, or via a function key combination. To get these combination keys functioning you will also have to make sure that the other software tools from the lenovo site are installed. And 4th., some wireless adapters need extra software tools to set them up.

As indicated in the subject line, the laptop is of Lenovo make, model 3000 Y500 7761 - 2BQ. From the lenovo website I found the wireless drivers for Y500 but there is no mention of the 7761-2BQ model :(

I tried removing and adding the Network controller but doesnt seem to help.. The wireless button is switched on and I am not sure how to access the builtin wireless unit (not comfortable opening up the laptop!)..

Go to the following website http://halfdone.com/ ..
and download the unknown devices file.(UKD). Unzip it and then run it, this will tell you the name of the device that you are looking for, if it doesn't look under Computer missing names. It willalso give you the names of anything else you don't have a driver for. The rest is easy, go to the manufacturer´s website and download the correct driver and install it.

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